Sprucegrove Investment Management Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Sprucegrove Investment Management Ltd. reported 32 stock positions worth $1.4 billion. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 26.4% of the portfolio, followed by Copa Class A (CPA, 21.0%) and Samsung Electr-GDR Reg S (SSNHZ, 13.3%). Compared with Q3 2024, it opened 1 new position, sold out of 1, added to 2 and reduced 7. The biggest buy was Copa Class A (CPA, shares +5%) and the biggest sale Ambev SA-ADR (ABEV, shares −89%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001234074
Portfolio Value
$1.4B (Q4 2024)
SEC Filing
0000950123-25-001366 ↗ filed Feb 10, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.5B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.4B $1.4B Q4 2024 Q1 2025: $929.9M Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $829.8M Q4 2025 Q1 2026: $625.0M Q1 2026 Q2 2026: $639.1M Q2 2026

Holdings 32 stocks · $1.4B
RYAAY Ryanair Holdings PLC-SP ADR 26.40% 8,456,700 $368.6M Reduce -1.6%
CPA Copa Holdings SA Class A 21.02% 3,339,587 $293.5M Add +4.7%
SSNHZ Samsung Electr-GDR Reg S 13.26% 203,435 $185.1M Reduce -7.7%
CMGGF Commercial Intl Bank-GDR Reg 3.08% 29,047,162 $43.0M Reduce -2.7%
BRK.B Berkshire Hathaway Inc. Class B 2.46% 75,830 $34.4M No change
MKL Markel Group Inc. 2.24% 18,090 $31.2M No change
HSIC Henry Schein Inc. 2.03% 409,441 $28.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.93% 242,189 $27.0M No change
META Meta Platforms Inc. Class A 1.87% 44,692 $26.2M Reduce -7.7%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.83% 226,102 $25.6M No change
GILD Gilead Sciences Inc. 1.78% 268,966 $24.8M No change
RTX RTX Corp. 1.65% 199,523 $23.1M No change
QCOM Qualcomm Inc. 1.60% 145,138 $22.3M Reduce -7.3%
CFR Cullen/Frost Bankers Inc. 1.57% 163,777 $22.0M Reduce -12.2%
WFC Wells Fargo & Co. 1.55% 307,627 $21.6M No change
DCI Donaldson Co. Inc. 1.48% 307,431 $20.7M No change
BWA Borgwarner Inc. 1.42% 622,427 $19.8M No change
CHRW C.H. Robinson Worldwide Inc. 1.39% 187,858 $19.4M No change
AXP American Express Co. 1.32% 62,197 $18.5M No change
MSM MSC Industrial Direct Co. Class A 1.28% 240,020 $17.9M No change
JNJ Johnson & Johnson 1.13% 109,135 $15.8M No change
BIIB Biogen Inc. 1.07% 97,855 $15.0M No change
ABEV Ambev SA-ADR 1.02% 7,677,698 $14.2M Reduce -88.7%
GNTX Gentex Corp. 1.01% 488,862 $14.0M No change
INTC Intel Corp. 0.91% 631,244 $12.7M No change
BDX Becton Dickinson and Co. 0.90% 55,609 $12.6M No change
SBKFF State Bank of Indi-GDR Reg S 0.78% 117,605 $10.9M No change
BF.B Brown-Forman Corp. Class B 0.68% 249,800 $9.5M New
SNA Snap-on Inc. 0.54% 22,100 $7.5M Add +14.5%
GOOGL Alphabet Inc. Class A 0.30% 22,125 $4.2M No change
TSM Taiwan Semiconductor-SP ADR 0.26% 18,700 $3.7M No change
XOM Exxon Mobil Corp. 0.23% 30,100 $3.2M No change

Portfolio Sells Q3 2024 → Q4 2024
ABEV Ambev SA-ADR Reduce -88.7% 1.02% −8.27
TD Toronto-Dominion Bank Sold out 0.00% −7.65
SSNHZ Samsung Electr-GDR Reg S Reduce -7.7% 13.26% −1.14
QCOM Qualcomm Inc. Reduce -7.3% 1.60% +0.11
CMGGF Commercial Intl Bank-GDR Reg Reduce -2.7% 3.08% +0.25
META Meta Platforms Inc. Class A Reduce -7.7% 1.87% +0.33
CFR Cullen/Frost Bankers Inc. Reduce -12.2% 1.57% +0.41
RYAAY Ryanair Holdings PLC-SP ADR Reduce -1.6% 26.40% +4.69

Portfolio Buys Q3 2024 → Q4 2024
CPA Copa Holdings SA Class A Add +4.7% 21.02% +4.29
BF.B Brown-Forman Corp. Class B New 0.68% +0.68
SNA Snap-on Inc. Add +14.5% 0.54% +0.22

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$639.1MCPA, RYAAY, SSNHZ, DCI, HSIC
Q1 2026 42$625.0MRYAAY, CPA, SSNHZ, DCI, MKL
Q4 2025 40$829.8MRYAAY, CPA, SSNHZ, SBKFF, CHRW
Q3 2025 41$1.2BRYAAY, CPA, SSNHZ, CMGGF, DCI
Q2 2025 43$1.2BRYAAY, CPA, SSNHZ, CMGGF, MKL
Q1 2025 32$929.9MCPA, RYAAY, SSNHZ, CMGGF, BRK.B
Q4 2024 32$1.4BRYAAY, CPA, SSNHZ, CMGGF, BRK.B
Q3 2024 32$1.8BRYAAY, CPA, SSNHZ, ABEV, TD
Q2 2024 33$1.9BRYAAY, SSNHZ, CPA, BBD, ABEV
Q1 2024 33$2.5BCRH, RYAAY, SSNHZ, CPA, BBD